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Can my girlfriend co-sign for me if she is 2 years after a short sale?

I live in San Francisco and am looking to buy in the bay area which is very expensive. If my girlfriend didn't have a short sale from Michigan two years ago we were told we could qualify for 565k. On my own I don't qualify for enough to buy a house. We both have credit scores over 730. Is is possible that she could co-sign on a loan for me to help bring my income up even with the short sale on her record? Is there any type/amount of loan we could get with 30k down? 
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December 20 2012 - San Francisco
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Conv 20% down 24 months . If not you have to wait 84 months. FHA, 36 months. VA loan 24 months. Also this is from completion date, not start date.
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February 21
The simple answer is yes/probably, IF you have 20% down. Conventional guidelines allow for a purchase 24 months after a short sale or deed-in-lieu. $30k won't cut it for the price range you ate talking about, but if you did have the 20% a conventional loan might be an option today. 

If not you guys will have to wait until at least three years have passed and go FHA.

Sincerely,
Greg

P.S. This is assuming you don't have VA eligibility. If you do you might be good to go right now, even with 0% down.
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December 20 2012

Based on the information provided your best bet is waiting for the FHA loan after 3 years. The Fed plans to keep rates low throughout 2013 so you should still be able to get rates similar to now all next year. 
Best of luck!

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December 20 2012
FNMA/Freddie Mac - Conventional Financing

Short Sale or Pre-foreclosure – Along with re-establishing an acceptable credit history, the standard time frame after completion for primary residence, is 24 months for 80% maximum LTV's, 48 months for 90% maximum LTV's; after 84 months you can follow the standard product/program guidelines.

FHA – Government Financing
When a previously owned property was sold for less than what was owed short sale, borrowers are considered eligible for a FHA insured mortgage if, as of the loan application date, all mortgage and installment debt payments were made within the month due for the twelve months preceding the short sale. Borrowers that were in default at the time of the short sale (or pre-foreclosure sale) are not eligible for three years from the date of the sale. Borrowers who sold their property under the FHA pre-foreclosure sale program are not eligible for three years from the date that FHA paid the claim associated with the pre-foreclosure sale. Lenders may make exceptions for borrowers in default
at the time of short sale if: The default was due to circumstances beyond the borrower's control (such as death of a primary wage earner, long term uninsured illness, etc.); and the credit report reflects satisfactory credit prior to the circumstances (beyond the borrower's control) that caused the default. Borrowers who pursued a short sale agreement on their principal residence to take advantage of declining market conditions and purchase a similar or superior property within a reasonable commuting distance are not eligible for a new FHA insured mortgage.

Hope this helps! For detailed questions---contact me through my profile.

ivan
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December 20 2012
 
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